Oracle Power (LON: ORCP) shares are climbing on Monday after the company said the geochemical sampling at its 100% owned Jundee East Gold Project is underway.
The programme, which covers almost the entire tenement of the project, will expand on the maiden geochemical sampling programme, which returned highly positive results.
“Jundee East delivered highly compelling results from the maiden geochemical sampling programme and we are confident that this expanded programme will provide the Company with a much more comprehensive insight into the mineralised footprint of this significant tenement area which covers an area of approximately 90km2 in one of the most productive gold regions globally,” said Naheed Memon, CEO of Oracle.
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“The sampling is expected to take 10 days, with assay expected four to six weeks after this. Jundee East represents an exceptionally exciting prospect for Oracle and this soil sampling programme will continue to lay the foundations for a maiden drill programme later this year,” he added.
Oracle’s share price is currently up 3.28% at 0.474p. However, for the year to date, its stock price is down 13.9%.
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